题    目：Determinants of Capital Structure of Firms in Different Continents: Before, During, and After the Global Financial Crisis

主讲人：Krishna Reddy博士

时  间：2015年6月25日（星期四）上午9：30-10：30

地  点：金融学院楼（3号楼）422室

Abstract：
This study examines firm capital structure before, during, and after the global financial crisis. Firm leverage
and the influence of firm characteristics on debt levels are examined using a sample of firms from 27 countries,
representing all continents in the world. Our results indicate that firm capital structure is similar for countries
on the same continent but different across continents. Our results also suggest that capital structure is influenced
by similar firm characteristics, such as asset tangibility, profitability, firm size, growth opportunities, liquidity,
and share price performance. Our findings are consistent with the predictions of capital structure theoryand
our results show that during the global financial crisis, firms increased leverage as earnings declined and equity
markets became more volatile. The influence that firm characteristics have on leverage was also affected by the
financial crisis. Firm size had significant influence on firm leverage whilst asset tangibility, earnings volatility, and
non-debt tax shields were insignificant. During the financial crisis, profitability and growth opportunities had
weaker influence on firm leverage. The influence of firm liquidity on leverage became stronger in the Asian countries
but are insignificant for America and Europe. Share price performance also exerted stronger influence on firm
leverage both during and after the crisis.

Keywords: Capital Structure, Leverage, Asset Tangibility, Liquidity, Global Financial Crisis

主讲人介绍：

   Dr Krishna Reddy is the Chairperson of the Department of Finance, Waikato Management School,
TheUniversity of Waikato. He did his doctoral studies at the University of Waikato, Hamilton, New Zealand.
Dr Reddy worked in banks and operated own business for a number of years. He is currently the Course convenor for:
Advanced Corporate Finance, Corporate Theory and Corporate Policy and Personal Financial Planning. Dr Reddy
researches in the area of corporate governance, corporate markets, capital structure, personal finance, market efficiency
and mutual fund performance. Dr Reddy has published in Economic Modelling, International Review of Economics and
Finance, International Journal of Managerial Finance, Managerial Finance, Governance: An International Journal of Policy,
Administrators, and Institutions.

   Krishna Reddy博士是新西兰怀卡托大学管理学院金融系系主任。他在位于新西兰汉密尔顿的怀卡托大学完成了博士学位的学习。Reddy博士早年曾经在银行工作，并有数年时间致力于打理自己的公司。他现在是高级公司金融学、公司理论与政策以及个人理财规划三门课程的负责人。Reddy博士的研究领域主要包括公司治理、公司市场、资本架构、个人金融、市场有效性、互惠基金绩效等。Reddy博士曾经在Economic Modelling,
International Review of Economics and Finance, International Journal of Managerial Finance,
Managerial Finance, Governance: An International Journal of Policy, Administrators, and Institutions等期刊上发表过文章。